Section: March 21, 2024 | Vol. 29, Issue 11
AFL-CIO, Mineworkers Engage Universal Proxy to Push for Changes at Coal Company
The AFL-CIO and the United Mine Workers of America (UMWA) are taking the unusual step of using a universal proxy ballot to urge Warrior Met Coal shareholders to vote at its April 25 annual meeting for five shareholder proposals addressing the company’s corporate governance practices.
SEC Says Director Resignation Proposals May Be Omitted
The SEC has granted AT&T, Bristol Myers Squibb and Verizon permission to omit shareholder proposals filed by the United Brotherhood of Carpenters asking the companies either to adopt bylaws or to amend bylaws already in place that would alter their post-election processes when directors who fail to receive majority support tender their resignations.
Barrage of Attacks on SEC Climate Disclosure Rule Multiplies
The legal challenges and legislative pushback against the climate disclosure rule issued by the SEC March 6 continue to mount. And some are producing results—the U.S. Court of Appeals for the Fifth Circuit on March 16 granted an administrative stay of the rules. The stay, which was issued in response to requests for injunctive relief filed by seven companies and trade associations and Louisiana, Mississippi and Texas, provides interim relief pending further judicial review.
SEC and its Rulemakings Scrutinized During House Hearing
Republican lawmakers and witnesses lambasted the SEC for what a House Financial Services Committee memo called the agency’s “rapid push to propose and finalize numerous new rules, insufficient comment periods, neglecting bipartisan congressional concerns and finalizing new rules that exceed the SEC’s statutory authority,” during a March 20 hearing before the committee.
SEC Video Highlights Key Governance Reforms that CII Helped Advance
In a new SEC video, Chair Gary Gensler discusses the commission’s role in overseeing corporate governance and highlights three SEC rules that CII promoted early and often.
Environmental and Social Proposals Filed in 2024 Hew to Those Filed Last Year, With a Couple Exceptions
Shareholder proposals filed for the 2024 proxy season on environmental and social proposals mostly track those filed in past years, according to Proxy Preview 2024, a report released by As You Sow, the Sustainable Investments Institute (Si2) and Proxy Impact.